Major Indian railway sector stocks, including Jupiter Wagons, IRCON International, Texmaco Rail, and Rail Vikas Nigam Ltd (RVNL), have experienced significant declines, trading up to 67% lower from their all-time peaks as of July 23, 2026. This downturn is largely driven by investor profit-booking, concerns over stretched valuations, and a less-than-expected capital expenditure announcement for railways in the recent Union Budget.
The Union Budget 2026 saw railway capital expenditure increase by just 10% to Rs 2.93 lakh crore. This figure fell short of investor expectations for a more substantial hike, leading to a negative sentiment across the sector. Companies like IRFC, RITES, RVNL, and Titagarh Rail saw declines of up to 5% following the budget announcement.
Analyst Insights on Key Railway Stocks
Here’s a closer look at the performance and technical outlook for some of the affected railway stocks:
Jupiter Wagons
Jupiter Wagons shares were trading slightly up by 0.22% at Rs 247.20 on July 23, 2026, though still near their 52-week low of Rs 236.60. The stock is currently trading below all key simple moving averages, indicating weak momentum. Virat Jagad, Sr. Technical Research Analyst at Bonanza, noted that Jupiter Wagons is under pressure within a descending channel, consistently forming lower highs and lows. He identified immediate support at Rs 240–235, with a potential drop to Rs 210 if this level breaks. Resistance is seen at Rs 275–280, followed by Rs 320 on a sustained breakout. Investors are advised to wait for a decisive close above Rs 280 with strong volumes before considering fresh long positions.
Rail Vikas Nigam Ltd (RVNL)
RVNL shares touched a fresh 52-week low of Rs 221.10 on July 23, 2026, trading 0.09% higher at Rs 223.20 in the current session. The stock is also below all its key moving averages, reflecting sustained bearish momentum. Shitij Gandhi, AVP - Equity Technical Research at SMC Global Securities, highlighted RVNL’s lower-top lower-bottom structure. He identified a crucial trendline support around Rs 223-225; a breakdown below this could lead to declines towards Rs 212 and then Rs 200. Immediate resistance is near Rs 228-230, with stronger resistance at Rs 247 and Rs 268-270.
Texmaco Rail & Engineering
Texmaco Rail shares fell 1.48% to Rs 109.75 on July 23, 2026, hitting a fresh low of Rs 108.49. The stock is trading below all its short-term and long-term moving averages. Virat Jagad of Bonanza recommended a 'Sell' at current levels (Rs 111–112) with a stop loss at Rs 116 and a target of Rs 102. He observed that the stock has failed to sustain above short-term moving averages and faces rejection near the 200 EMA, indicating persistent selling pressure and fading bullish momentum.
IRCON International
IRCON International shares slipped 1% to Rs 125.60 on July 23, 2026, trading below all its key moving averages. Virat Jagad advised investors to avoid fresh long positions, citing a clear downtrend with bearish alignment across major EMAs. He noted that the stock continues to form lower highs and lows, with RSI hovering near 40, reflecting weak momentum. Existing holders should maintain a strict stop loss below Rs 124, while a decisive breakout above Rs 132–135 with volume confirmation would be needed for a trend reversal.